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2013 (8) TMI 687 - HC - Companies LawAlternative Statutory Remedy u/s 13 SARFAESI Act – Appeal For making Representation against the order – appellant contended that its Credit facilities were classified as non-performing asset in violation of the guidelines of the Reserve Bank of India – Held that:- The writ petition was filed even prior to making representation u/s 13 (3A) of the SARFAESI Act to the respondent bank - During pendency of the appeal such representation was made and dealt with elaborately by the respondent bank by passing a speaking order which was communicated vide its letter to the appellants - In Mardia Chemicals Ltd. v. Union of India [2004 (4) TMI 294 - SUPREME COURT OF INDIA] - The internal adjudicatory mechanism to deal with objections raised by a borrower with regard to the demand notice including classification of its accounts as NPA appeared to have been effectively complied – Writ Petition rejected – Decided against appellant.
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